Press release
Dairy Alternatives Market Growing At CAGR 11.95% with USD 503930 Million By 2028 |Global Opportunity Analysis and Industry Forecast | Report By IMR
The Dairy Alternatives Market was valued at USD 23110 million in 2021 and is expected to reach USD 50930 million by the year 2028, at a CAGR of 11.95 %.
Dairy Alternatives are used in food and beverage that are dairy free and do not contain lactose. There are many alternative foods and drinks available in markets that can replace milk and dairy products, such as yogurts and some cheeses, rice, soya milk oat, almond, coconut, quinoa, and others. These contain the same vitamins and minerals as dairy products, but they also have an added enzyme called lactase, which helps digest any lactose so the products do not trigger any symptoms. Dairy Alternatives help with different medical issues such as maintaining a healthy nervous system, weight management, brain functioning, and others.
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• Patent Analysis
• Regulatory Framework
• Technology Roadmap
• BCG Matrix
• Heat Map Analysis
• Price Trend Analysis
• Investment Analysis
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Market Dynamics:
Driver:
The rising occurrences of milk allergies and lactose intolerance cases are anticipated to drive the demand for dairy alternatives. Nowadays consumers are inclined towards plant-based alternatives, especially for dairy products owing to increasing concern over allergens, as well as animal husbandry practices prevalent in the dairy sector. The increasing demand for rice milk among consumers for manufacturing various food and beverage items such as snacks, ice creams, and beverages will boost the market growth.
Opportunities:
The increasing consumer demand for sweetened soy and almond milk is anticipated to be a driver for alternative milk which provides growth opportunities for the market. Moreover, health-conscious consumers, prefer low-calorie and low-fat products. As a result, plant-based dairy product manufacturers offer sugar-free and low-sugar products. Such factors create opportunities for growth. Identifying naturally high nutritional value products could be an opportunity for suppliers and manufacturers. Increasing demand for dairy alternatives among a vegan population and the introduction of new flavor and a variety of dairy alternatives is creating growth opportunities for the market during the forecast period.
Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help
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Market Segmentation
Segmentation for Dairy Alternatives Market:
Based on the source, the soy segment dominates the market over the forecast period. Soy led the market in 2020 and recorded more than 35.0% share of the global revenue.
Based on the product type, the non-dairy milk product category led the market and registered for a revenue share of more than 67.0% in 2020.
Based on distribution channels, supermarkets and hypermarkets are large-sized retail outlets, which usually provide different segments or brands of retail products under one roof.
Based on the application, the dairy-free probiotic drinks segment dominated the market, owing to rising health concerns relates to lactose intolerance and the busy lifestyles of the consumers.
By Type
• Non-Dairy Milk
• Yoghurt
• Ice-Creams
• Cheese
• Creamers
• Others
By Source
• Coconut
• Soy
• Almond
• Hemp Seeds
• Rice
• Other
By Application
• Food and Beverages
• Dairy-Free Probiotics Drinks
• Others
Regional Analysis for Dairy Alternatives Market:
Asia Pacific region dominates the market and registered a high market share during the forecast period. Growing population and increasing disposable incomes in developing economies, such as India, China, and Japan, are expected to increase the demand for the product in the Asia Pacific region.
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)
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Players Covered in Dairy Alternatives market are :
• Earth's Own Food Company Inc. (Canada)
• Freedom Foods Group Ltd. (Australia)
• The Hain Celestial Group, Inc. (the US)
• Living Harvest Foods Inc. (US)
• SunOpta Inc. (Canada)
• CP Kelco (Georgia)
• Organic Valley Family of Farms (US)
• Danone (France)
• Oatly (Sweden)
• Vitasoy International Holdings Limited (Hong Kong)
• DAIYA FOODS INC. (Canada)
• Melt Organic (Idaho)
• Ripple Foods (US)
• ADM (US)
• The Whitewave Foods Company (US)
Key Industry Developments of Dairy Alternatives Market:
In November 2020, A Canadian-based company SunOpta declared its investment of USD 26 million into its Minnesota-based oat processing unit. This will allow the company to meet the growing demand for oat milk in the US.
In March 2020, An Idaho-based company Melt Organic introduced Butter Sticks Unsalted. The product is prepared from a perfect blend of fruit- and plant-based oils featuring certified organic, non-GMO coconut oil.
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About us:
Introspective Market Research (introspectivemarketresearch.com) is a visionary research consulting firm dedicated to assist our clients grow and have a successful impact on the market. Our team at IMR is ready to assist our clients flourish their business by offering strategies to gain success and monopoly in their respective fields. We are a global market research company, specialized in using big data and advanced analytics to show the bigger picture of the market trends. We help our clients to think differently and build better tomorrow for all of us. We are a technology-driven research company, we analyze extremely large sets of data to discover deeper insights and provide conclusive consulting. We not only provide intelligence solutions, but we help our clients in how they can achieve their goals.
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